The primary catalyst behind the downward movement and elevated intraday volatility in ConocoPhillips is the significant decompression of the geopolitical risk premium in the global energy market. The formalization of a U.S.-Iran interim peace agreement has fundamentally transformed global supply expectations. With the reopening of the Strait of Hormuz to maritime traffic and the lifting of naval blockades, millions of barrels of previously stranded crude have begun flowing back into global distribution channels. This rapid return of physical supply has triggered a sharp downward correction in both Brent and West Texas Intermediate crude benchmarks, dragging the broader energy sector and exploration-and-production majors like…